Real estate agents recommend buying real estate in these states and getting rich in 5 years

 

Real estate agents recommend buying real estate in these states and getting rich in 5 years.

Countless millionaires have built their fortunes from a single property, and you can too. But when choosing a state, remember that location is everything.

"Investing in real estate has always been considered a reliable way to build wealth," said Mike Keogh, owner of Good as Sold Homebuyers in Seattle. While the real estate market can be unpredictable, some states have consistently shown promising potential for real estate investment. In the next five years, several states will present lucrative opportunities due to population growth, economic prosperity, and favorable policies."

If you want a place to start your journey to real estate wealth, the following five states should be at the top.

Texas

Best Texas House Buyers owner Mark Severino makes no secret of his affection for his home state — but he backs it up with facts.

"I am biased towards promoting wealth building in Texas," said Severino, who offered three reasons "why Texas is the best state to buy property in and build wealth over the next five years."

The first is rising property values.

"The average price of a single-family home in Texas has been steadily rising since at least 2000," Severino said. "When the national price goes down, the decline in Texas lasts for a little while and then restores in value. This allows tremendous discretion for property owners who have the right investments."

The second is permanent population growth.

"More than half a million people move to Texas yearly," Severino said. "The number of people leaving is much lower, which puts the net population growth in Texas through domestic immigration positive every year in the hundreds of thousands. This funds the need for housing and value stability as demand remains constant."

Compared to other states, Texas has greater property protection rights, a faster eviction process, and laws that generally favor landlords when a dispute arises with a tenant. This is important for landlords because it ensures their investment is protected more than in other states. This also facilitates Real estate portfolio management and profit from it.

Washington

Like Severino, Qiu is part of his native land, which in his case, is in the Pacific Northwest.

"With its dynamic technology industry and thriving economy, Washington State has become a magnet for real estate investment," Keough said. The Seattle metropolitan area, in particular, has experienced significant growth and offers many investment opportunities, including residential and commercial real estate. The presence of major technology companies contributes to the attractiveness of real estate in the region."

North Carolina

North Carolina has been adding population at a frantic pace for years, and in 2022, its population has grown faster than all but two other states.

"The Tar Heel State has garnered attention because of its steady population growth, affordable housing options, and diversified economy," said Qiu. "Cities like Charlotte, Raleigh, and Durham boast strong real estate markets fueled by job growth, a low cost of living, and a high quality of life. These factors and North Carolina's business-friendly environment make it a conducive state for real estate investment and wealth accumulation."

Qiu will get no argument from Ryan Fitzgerald, an experienced North Carolina realtor and owner of Homes Raleigh.

"On my land in Raleigh, North Carolina, the rapid growth is impressive," said Fitzgerald, who Realtor Magazine chose. "The family I helped buy a home five years ago has seen their investment nearly double thanks to affordable real estate, a high quality of life, and strong job growth in the tech and healthcare sectors."

Tennessee

Having Florida on this list might seem like a challenging omission, given that it has been the nation's favorite transportation destination since the pandemic. But GOBankingRates spoke with several experts who feel the market in the Sunshine State is saturated, overpriced, and due for a correction — and that the next big thing could be a distinct state in the Mid-South.

"Tennessee has recently emerged as a desirable destination for real estate investment," said Qiu. Cities like Nashville and Memphis are growing rapidly, driven by affordable housing, a favorable tax environment, and thriving music. These factors make Tennessee an attractive state for investors seeking to take advantage of its upward trajectory."

Aaron May, a realtor with Coastal Luxury Real Estate Partners, agrees.

"Tennessee has gained traction in recent years as a state with a favorable business environment and low cost of living," May said. "Nashville, in particular, has seen remarkable growth, fueled by a vibrant music and entertainment industry. With no state income tax and a steady influx of young professionals, the Tennessee real estate market bodes well for the future."

Colorado

The Centennial State offers a unique blend of snow-capped mountains, arid desert, thriving cities - and excellent opportunities for making money in real estate.

"Colorado's stunning landscapes and recreational opportunities have pushed its real estate market to new heights," Chiu said. With cities like Denver, Boulder, and Colorado Springs experiencing a population growth spurt, the state offers an attractive investment environment. Moreover, Colorado's thriving technology industry and strong job market contribute to its real estate appeal. Investors looking to exploit this growth can explore many residential and commercial opportunities."

Mai cited many of the same factors as Qiu at Colorado named a winning market, including a growing population and strong economy. It also promotes the state's unique brand of co-ed lifestyles.

"Cities like Denver and Boulder offer a combination of urban amenities and natural beauty, making them desirable to residents and investors," May said. "The country's commitment to sustainability and renewable energy adds to its long-term prospects."